The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-04-22
BOOM MAD.

Under the head 1.-The Crazy Western
Towns" the bright and level-headed |
Chicago Mail has an editorial article In
reference to- the booms which are now
boomingAn certain western cities. The
article is in such perfect accord with the
views of The HERALD, as often ex-
pressed, that we reproduce it here:
Lots are selling in Kansas City and Omahs
at prices which would stagger the most OPP
timistic real-estate men in Chicago. Inere
is a perfect resl-eStGte craze in all the MIS-
souri, River and western towns, ana peoPiSs
with more money than judgment, carried
away by excitement or enthusiasm, are
putting their all into dirt that will not pay
20 cents on the dollar. 1t Is only to be ex-
pected that this real-estate craze snould De
followed by a panic. With all allowance
for the growth which Kansas City, Omaha,
ST. Joseph, Atchison, Leavenwortn, Denver,
and other western towns may naturally at.
tain, and conceding all that the Wlldest OF
their boomers claim, the property whlcn =
to take a tumble, for the reason that
more property is sold than can possibly
be improved in the next quarter OF
century The western towns are all pros
porous. and they will all grow. The trouble
with them is that they will overgrow. Then,
as in the past. period of stagnation Will set
in. thew will have to wait for the times to
catch up with them, and the greater the
boom now the greater the reaction VIII oe,
and the longer they will have to await the
return Of natural growth. Kansas City,
Leavenworth, st. Joe and especially Omaha,
have had this experience before, out lney
do not seem TO remember IL now. AT pres
ent they are as mad as March hares, ana
they will run their course in spite of any
argument. The men who Will nave the
presence of mind or the judgment to I'M
load in time are those who Will make the
money, hut when the unloading process
once begins it will seem as though the bot
tom had fallen out of these enterprlslng,
beautiful, but erring western towns.
We do not believe it is possible to in
augurate in Salt Lake boom anything
like those mad affairs prevailing in
Omaha, Kansas City, Los Angeles and
other cities. The good. hard common
sense of the people will prevent their
going wild and indulging in reckless
speculation and financial oyer-reaching.
Salt Lake is deserving of greater pros
perity than she has; our real estate is
worth more than it can be sold for to-
day, and the town would be benefited
by the incoming of men with enter
prise and capital; but +booh" as the
term is understood throughout the west
would. be attended by no good to The
community. In commercial matters a.
in civil and natural laws, there must
be time for "eYening up" The
reckoning will come, and tn.
greater have been our excuses thu
deeper will be the score we have Il
settle and erase. 1t will not benefit the
public if half dozen shrewd men grow
suddenly rich through specializing il
Salt Lake real estate.
The kind of boom which will helI
the city is BOOM based on solic
foundation, and which has none of tn,
elements of speculation in it. A boom
built on the coming to Salt Lake o
men who have money to invest in bust.
ness blocks lin dwelling houses. il
factories and industrial enterprise:
will be solid and substantial and vii
attract useful and desirable class o
citizens. A boom induced by one maj
paying 81 900 for piece of land wortl
only $500. in the hope and witt
the purpose Of selling again for 50 600
will do US no good, for that land canno
be made worth more than $500 by tn
temporary insanity of the buyer;
will get back to $500 unless there
something more substantial and en-
couraging to keep up the price tina
the boom influence.
Let US move faster than We are going
but let US not 60 so fast that our foot
ing will be unsafe, lest We fall back t
the starting point, weak, weary an
broken. Let US induce men with capits
2 to come here and make this the
home; to join with US in building u
and making attractive the city; to il
vest in manufacturing and producti'
enterprises, and develop and utilize tt
vast resources now lying idle; to Civ
value to the soil by making it most US
full to man; to enjoy our climate an
: scenery, and pull with US in maxim
t Salt Lake and Utah great and gloriou
: Let US have boom which means 8
o progress, and will not be followed /
u depression, by stampede, by disaste
y and by the terrible reckoning which
in store for every booming town who
d boom has no better foundation than Il
o recklessness and madness of men.
It
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